Are You an International Buyer?
Buying real estate property while out of the country requires the assistance of a professional agent. While purchasing property as an international buyer can be more complex compared to the process experienced by U.S. citizens, the right agent can make the transaction go more smoothly.
We offer reliable representation in all types of international real estate transactions. If you’re interested in purchasing residential or commercial real estate in the Florida Keys while out of the country, we can assist you every step of the way.
Investing in Real Estate While Out-of-Country
Purchasing real estate in Florida while out of the country can be a wise investment strategy. However, if you’re not yet able to visit Florida in person, you’ll want the proper representation on your side and on-site. A competent real estate professional can find the type of property you’re looking for at a fair price.
Whether you’re looking for a vacation home, a rental property, or a permanent residence to call your own, you’re sure to find what you’re looking for in the Florida Keys. As Florida is a sought-after location, the property value is sure to go up, making the property a valuable asset.
You may also want to consider retaining a Florida real estate attorney to assist you with the legalities of purchasing real estate while out-of-country. International real estate purchases may require extensive paperwork, hard-to-comprehend contacts, and can come with unexpected fees and drawbacks. Having a real estate lawyer can reduce unforeseen problems.
Before putting in an offer on a house in Florida, become familiar with the local real estate laws. If you have trouble understanding certain laws or wish to consult with a professional, it can be helpful to retain legal counsel that has experience with international real estate transactions.
How the Real Estate Market Operates in the U.S.
International buyers represent a critical segment in the U.S. real estate market. Between 2012 and 2013, foreign buyers purchased a whopping $68 billion in residential real estate in the United States, accounting for over 6 percent of total home sales. The affordable cost of Florida real estate creates significant opportunities for international buyers in search of U.S. properties.
In the U.S., real estate information is shared by brokers and agents using the Multiple Listing Service (MLS). With 24 hours of going up for sale, most real estate properties are posted to the MLS. This allows brokers and agents to stay up-to-date on the most current real estate listings.
We offer an extensive database that lists residential and commercial properties listed by all real estate businesses in the area. Easily search our user-friendly home finder to locate single-family homes, multi-family homes, condos, and townhouses in locations throughout the Florida Keys. Narrow down your search by neighborhood, housing type, and number of bed and bathrooms.
What to Know When Purchasing U.S. Real Estate
To purchase a home in the United States, you do not need to be a permanent resident (green card holder) or a U.S. citizen. Any individual has the right to purchase property in the U.S. However, before you can go through with a real estate transaction, you must prove your identity. This can be accomplished by presenting a copy of your passport or immigration VISA.
While you don’t need citizenship to purchase property in the U.S., buying real estate does not grant you immigration status that allows you to remain in the U.S longer than your VISA permits. To learn more about this matter and your rights, contact an immigration lawyer.
Before you can purchase real estate in the U.S., you must also acquire an Individual Tax Payer Identification Number, or ITIN. This unique number is assigned to foreign nationals by the Internal Revenue Service (IRS). You will need to complete Form W-7 and show proof of identity to the IRS.
Choosing the Right Type of Real Estate Property
Before you set off on your search for the perfect property, consider what type of property you want and what features or amenities you’d like to have. Some types of housing offer more benefits than others. For example, a house will typically come with the need for routine repairs and maintenance. You can find homes at all different price points to meet your budget needs.
In comparison, a condominium or ‘condo’ is usually priced higher but offers more amenities. Condos typically have Home Owner Association (HOA) costs which may allow you use of different on-site amenities, such as a pool, fitness center, security, and general maintenance.
When house hunting, ask yourself what the home will be primarily used for. Will you be visiting Florida only on occasion? If so, you may be looking for a vacation home. If you wish to generate income from a house or condominium, you may be interested in purchasing property for rental income. You may also want to buy a home as a long-term investment opportunity.
Importance of Working with a Real Estate Agent
As a foreign buyer, you may not be familiar with the U.S. real estate market and how it differs from state to state. Connecting with a real estate agent is the best option for a stress-free transaction while you’re out of the country. You’ll want a real estate agent that is experienced, reliable, and will represent you well during the home buying process.
We can provide these attributes and more. Our team has the experience and negotiation skills to find you a property that meets your unique criteria at a price point that doesn’t overwhelm your budget. As your real estate agent, we will look out for your best interest to ensure that you get a great house at a fair price.
Florida has quickly become the top state in the nation for international buying activity. The state’s prime location makes it an attractive investment for foreigners looking to get the most value for their money. To learn more about purchasing property in the Florida Keys while out of the country or to consult with one of our experienced agents, contact our office today.